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Trade Deficit increased to $67.4 Billion in December


by Calculated Risk on 2/07/2023 08:40:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today
that the goods and services deficit was $67.4 billion in December, up $6.4 billion from $61.0 billion in
November, revised.

December exports were $250.2 billion, $2.2 billion less than November exports. December imports were
$317.6 billion, $4.2 billion more than November imports.
emphasis added

Click on graph for larger image.

Exports decreased and imports increased in December.

Exports are up 8% year-over-year; imports are up 2% year-over-year.

Both imports and exports decreased sharply due to COVID-19 and then bounced back. Both have decreased recently.

The second graph shows the U.S. trade deficit, with and without petroleum.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Note that net, exports of petroleum products are positive.

The trade deficit with China decreased to $23.5 billion in December, from $36.2 billion a year ago.

The trade deficit was slightly smaller than the consensus forecast.

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